- Savanna Capital Corp. (SAC.P) signs a definitive agreement with 1000090242 (San Luis) Ontario Inc for a take-over and a $1.5 million private placement
- The proposed transaction will amalgamate Savanna, a subsidiary (Subco) of Savanna, and San Luis ON to become one entity
- San Luis ON will complete non-brokered private placement of subscription receipts for $1.5 million
- San Luis ON shareholders will exchange each of its common shares for one common share of Savanna
- Savanna will hold all of the combined assets and will be subject to all of the liabilities of the companies
- Savanna Capital Corp. (SAC.P) is unchanged trading at $0.05 per share as of 10:56 a.m. EST
Savanna Capital Corp. (SAC.P) has signed a definitive agreement with 1000090242 (San Luis) Ontario Inc for a take-over and a $1.5 million private placement.
The proposed transaction will be a three-cornered amalgamation among Savanna, a subsidiary (Subco) of Savanna, and San Luis ON to become one entity under Savanna.
San Luis ON will complete a non-brokered private placement of subscription receipts for a minimum of $1.5 million as a part of the agreement.
Savanna will change its name to Plata Corp. San Luis ON shareholders will exchange each of its common shares for one common share of Savanna. The board of directors and management of Savanna will be replaced with nominees of San Luis.
Savanna will hold all of the combined assets and will be subject to all of the liabilities of the companies.
A subsidiary of San Luis, Exploranciones de SL Cordero, S.A. de C.V., holds valuable mineral claims covering approximately 1,216 hectares in San Luis del Cordero, Mexico. The San Luis Property features high-grade silver-copper veins, a silver-copper-zinc bearing skarn deposit and, lead-zinc-silver style mineralization.
Savanna Capital Corp. (SAC.P) is unchanged trading at $0.05 per share as of 10:56 a.m. EST.